France’s AMF Removes Bybit from Blacklist After Two Years

Highlights:

• Bybit was officially removed from the AMF blacklist after two years of regulatory compliance efforts. 
• The exchange plans to secure a MiCA license for legal EU operations.
• Other major exchanges are rushing to comply with MiCA for European expansion.

Bybit, a top cryptocurrency exchange, has officially been removed from the Autorité des Marchés Financiers (AMF) blacklist, as confirmed by a company executive. The platform had been blacklisted since May 2022 due to “noncompliance” with local regulations.

On May 16 last year, the AMF restated that Bybit is still an unregistered crypto platform in France. It operates without proper authorization and offers digital asset services for third parties. The regulator also asserted its power to restrict access to Bybit’s website. On December 17, Bybit announced it would halt withdrawal and custody services for French users from January 8, 2025, due to regulatory scrutiny. The exchange also advised affected users to withdraw their funds before the deadline to avoid access issues.

After more than 2 years of working with the French regulator through multiple remediation efforts, BYBIT is now officially removed from France AMF blacklist. MiCA license next. pic.twitter.com/irPf5bOSBp

— Ben Zhou (@benbybit) February 14, 2025

Bybit Tackles Global Regulatory Hurdles While Seeking MiCA License

Bybit co-founder and CEO Ben Zhou revealed in a Feb. 14 post on X that the exchange has collaborated with French regulators for over two years to address compliance issues. The platform is now actively pursuing a European Union Crypto Asset Markets (MiCA) license to operate legally.

The MiCA framework took full effect on December 30. It establishes a harmonized regulatory environment for digital asset service providers. The framework ensures consumer protection, financial stability, and anti-money laundering (AML) compliance.

Bybit continues to face regulatory challenges in other countries despite its progress in France. In Malaysia, the securities regulator has instructed Bybit to shut down its platforms. The exchange was also told to stop ads and close its Telegram group. The exchange was also fined ₹9.27 crore ($1.06 million) in India for breaking money laundering laws. This happened weeks after it stopped services due to regulations.

Aside from the latest developments in its regulatory efforts, Bybit is shifting its options platform to Tether (USDT). Tether CEO Paolo Ardoino said this move will give Bybit access to greater liquidity. The exchange will switch its options and futures contracts to USDT. After February 26, it will stop offering new USDC-settled contracts to improve liquidity.

ByBit is migrating its Options platform to Tether USDT 🔥
Unmatched liquidity for institutional customers.

Thanks for the support ♥️ https://t.co/LuKbvMpoJ6

— Paolo Ardoino 🤖🍐 (@paoloardoino) February 14, 2025

Crypto Exchanges Seek MiCA Compliance in Europe

Bybit is not the only exchange working to meet MiCA regulations. In November, Gemini registered as a Digital Asset Service Provider (DASP) in France, securing legal access to the EU market. Recently, Gemini received in-principle approval in Malta for an Investment Firm license. This will let the exchange offer perpetual contracts across the EU, but final approval depends on meeting Malta Financial Services Authority (MFSA) requirements.

Moreover, crypto exchange Bitget plans to comply with MiCA regulations to expand in Europe. On Feb. 14, it received approval to offer crypto services in Bulgaria. In January, major crypto exchanges like Bitpanda, OKX, and Crypto.com secured MiCA licenses, allowing them to offer regulated crypto services across the EU.